The Federal Government has recorded a major revenue shortfall in the 2025 fiscal year.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this on Tuesday while appearing before the House of Representatives Committees on Finance and National Planning during an interactive session.
He recalled that the Federal Government had projected a revenue target of N40.8tn in 2025 to fund the N54.9tn budget of restoration, designed to stabilise the economy,
However, the minister said current fiscal performance showed that total revenue for the year was likely to end at about N10.7tn.
According to him, the shortfall was largely attributable to weak oil and gas earnings, alongside continued under-performance across several revenue subheads.
Despite the revenue gap, Edun said the government had continued to meet critical obligations through what he described as prudent treasury management.
The minister’s disclosure is in sharp contrast to the declaration by President Bola Tinubu in September that the Federal Government had already met its revenue target to.
Edited by Favour Owonibi.